While generally saying the labor market remains solid and inflation elevated but showing progress toward the Fed’s 2% annual target, the minutes reflect a mixed assessment of whether the tariffs will spur inflation or be more of a one-time hit that will not lead to higher long-term price increases.

With "current monetary policy moderately or modestly restrictive," Federal Reserve officials felt they are "well positioned to wait for more clarity on the outlook for inflation and economic activity,

The U.S. central bank’s decision to hold interest rates steady in June was unanimously supported, but officials were starting to splinter over the path forward.